Universal Music Group Acquires Stake in Mavin Records
Universal Music Group (UMG) has made a landmark move within the African music industry, solidifying its presence by acquiring a substantial stake in the renowned Nigerian record label, Mavin.
The announcement of this strategic partnership, made on Monday, heralds a new chapter for both entities, pending regulatory approval, with finalization anticipated by the close of the third quarter of 2024.
Under the terms of the agreement, investment firm Kupanda Capital will maintain a minority stake in Mavin, continuing to offer strategic guidance, while TPG will make a complete exit from its investment. However, the leadership mantle remains firmly in the hands of Mavin’s founder and CEO, Don Jazzy, alongside COO Tega Oghenejobo.
Expressing his enthusiasm for the collaboration, UMG’s CEO, Sir Lucian Grainge, underscored Mavin’s exceptional talent pool and strong leadership as pivotal elements driving the decision.
Grainge emphasized, “Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people. With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
The acquisition follows reports in October 2023, which hinted at Mavin Records’ exploration of investment opportunities or a potential full sale, with UMG emerging as one of the prominent bidders. Mavin CEO, Don Jazzy, corroborated the label’s engagement with foreign investors in a podcast interview in January 2024.
This deal signifies a pivotal moment for both Mavin Records and the African music industry at large, indicating an escalating global interest in and investment towards African musical talent and creativity.
